ABU DHABI, 24th July, 2023 (WAM) - The Department of Municipalities and Transport (DMT) announced that foreign direct investment (FDI) in the individual category within Abu Dhabi's real estate sector has soared to AED 834.6 million during the first half of 2023, achieving a record growth rate of 363% compared to the corresponding period last year.

According to data released by the DMT, the following five regions topped the list in terms of the highest shares of foreign direct investment by individuals: Saadiyat Island with 34%, Yas Island with 28%, Al Jurf with 12%, Al Reem Island with 11%, and the Al Shamkha area with 8%.

Dr. Adeeb Al-Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, said: "We are thrilled to announce the remarkable surge in foreign direct real estate investments in Abu Dhabi. The astounding 363% growth witnessed during the first half of this year is a testament to the emirate's exceptional appeal to foreign investors. This includes its strategic location, world-class infrastructure, and supportive economic and legislative environment, all of which have contributed to enhancing the emirate's position as a preferred destination for individuals of all nationalities to invest, live, and work.

Dr. Al-Afifi further added, "Abu Dhabi's investment climate, bolstered by encouraging incentives and robust legislative and regulatory frameworks, has created a nurturing and stimulating environment for foreign investors pursuing promising prospects in the real estate market. Moreover, the emirate's unwavering commitment to adopting sustainable development policies, innovation, economic diversification, and environmental sustainability has significantly enhanced its ability to attract foreign direct real estate investments."

Dr. Al-Afifi emphasized that the increased growth rates in the volume of foreign direct real estate investments reflect the confidence of international investors in the emirate's economy and its ability to provide long-term returns. He underscored the need to continue building a comprehensive and enticing real estate ecosystem for foreign investors, characterized by streamlined processes and seamless government service experience that facilitates the flow of foreign direct investments into the real estate sector in Abu Dhabi.